No Time To Die’s New Release Date Will Cost MGM At Least $30 Million
MGM’s decision to push the release date of No Time To Die back several months is believed to cost the production company a financial hit of at least $30 million.
The upcoming James Bond film – Daniel Craig’s last outing as the titular secret agent – has been pushed back to November 2020 from its original release date of April 2.
The news was announced on Wednesday, March 4, leaving fans extremely disappointed.
Following the decision, a source has told The Hollywood Reporter that MGM is likely to take a $30-50 million hit.
The news about the film’s release date change was announced on the official James Bond Twitter account.
MGM, Universal and Bond producers, Michael G. Wilson and Barbara Broccoli, announced today that after careful consideration and thorough evaluation of the global theatrical marketplace, the release of NO TIME TO DIE will be postponed until November 2020.
Despite the studio’s decision proving extremely costly, it could have actually been the cheaper option.
It’s thought one of the main reasons behind the decision is due to the coronavirus epidemic causing thousands of cinemas across the globe to close in a bid to stop the disease spreading.
The Hollywood Reporter said the film could have lost a huge 30% of its final box office counts due to there being so many cinema closures.
It was predicted the film would make an impressive $1 billion, meaning it could have lost $300 million – ten times more than what MGM is paying by moving the date back.
Apparently in China alone, 70,000 cinemas have been closed since January, with no plans to reopen anytime soon. China was responsible for $84 million worth of sales for Skyfall, so it’s understandable the likes of MGM want James Bond fans there to go see the film.
With coronavirus recently hitting the UK – the home of James Bond – there are concerns cinemas here will also begin closing. It was expected that the UK would bring in a lot revenue for No Time To Die, so cinema closures here would have massively affected the film’s sales.
While the film wasn’t delayed purely because of the coronavirus outbreak, it may be due to the worldwide economic chaos the disease has caused.
The financial evaluation given by The Hollywood Reporter could be the ‘thorough evaluation of the global theatrical marketplace’ the announcement on the James Bond Twitter post was referring to.
No Time To Die will now be released in the UK on November 12, and in the US on November 25.
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CreditsThe Hollywood Reporter
The Hollywood Reporter